A. With few people have access to defined benefits accounts (pension) and most people's retirement accounts are defined contributions which lacks the automatic conversion mechanism to turn lifetime savings to retirement cash flows, some 401(k) service providers as well as financial planning firms realized such need on the market and started providing a service helping retirees to develop strategies to convert 401(K) money to retirement cash flows.
Two such service providers are Financial Engines and GuidedChoice.
As a customer, you need to ask them: what's your strategy and how much will be the fees?
Financial Engines' strategy is to allocate a bigger portion of the 401(K) fund into bond funds (for cash flows) and the rest to stock funds (for higher growth), at an appropriate age, convert the entire account to immediate income annuity to ensure lifetime income.
GuidedChoices adopts a similar asset diversification strategy, it also provides a service helping clients to maximize social security income.